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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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TECHMIRACLE TECHNOLOGIES LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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FOR |
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TECHMIRACLE TECHNOLOGIES LIMITED |
TECHMIRACLE TECHNOLOGIES LIMITED (REGISTERED NUMBER: 06864809) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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TECHMIRACLE TECHNOLOGIES LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 December 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Accounting and Taxation Services |
29 Smeaton Close |
Waltham Abbey |
Essex |
EN9 1TH |
TECHMIRACLE TECHNOLOGIES LIMITED (REGISTERED NUMBER: 06864809) |
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BALANCE SHEET |
31 December 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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TECHMIRACLE TECHNOLOGIES LIMITED (REGISTERED NUMBER: 06864809) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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Techmiracle Technologies Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are presented in sterling (£) which is also the functional currency for the company. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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The company derives its income from the provision of supply and installation of traffic equipment.k |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Government grants |
Income from government or other grants is recognised when the company has entitlement to the funds, any performance conditions attached to the grant have been met, it is probable that the income will be received and the amount can be reliably measured. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other 'deferred tax' assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
TECHMIRACLE TECHNOLOGIES LIMITED (REGISTERED NUMBER: 06864809) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Trade and other receivables |
Trade and other receivables are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest. |
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Trade and Other Payables |
Trade and other payables are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. |
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Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and any short term deposits. |
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Business trading review |
The impact of Covid 19 on the UK economy in 2020 has been generally negative. |
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The company directors, however, have taken swift, robust and decisive action to mitigate the threats from the pandemic to the business. To the extent that they have been able to positively influence controllable factors, they have done so. The company has forecast various post year end sales scenarios and considered the cash flow impact therefrom. |
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It deliberately has a broad customer base and an adequate availability of key trade suppliers. |
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The company has ensured that all existing forms of finance, including trade creditors, are paid within agreed terms and will be so going forwards. There are no banking or other covenants not being complied with. |
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The company has done all possible to minimize staff redundancies and to ensure that the working environment is Covid 19 safe. |
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As a result of the above measures and key judgements made, the company directors are confident that the company continues to be a going concern. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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TECHMIRACLE TECHNOLOGIES LIMITED (REGISTERED NUMBER: 06864809) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2020 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2020 |
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Additions |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £90,190 were paid to the directors . |